# Aging and Trilemma: OECD vs. Non-OECD Subsamples

| Variable | MI Sac. (OECD) | MI Sac. (Non-OECD) | Age (OECD) | Age (Non-OECD) | MI Age (OECD) | MI Age (Non-OECD) | ERS Age (OECD) | ERS Age (Non-OECD) |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|
| Z_1 | -1.2853 | -0.4632 | | | | | | |
| | (1.1956) | (0.4206) | | | | | | |
| Z_2 | 0.1812 | 0.0859 | | | | | | |
| | (0.1630) | (0.0649) | | | | | | |
| Z_3 | -0.0071 | -0.0041 | | | | | | |
| | (0.0062) | (0.0027) | | | | | | |
| fiscal_bal_gdp | -0.0103*** | 0.0027 | -0.0094** | 0.0030 | 0.0019 | 0.0005 | 0.0027 | -0.0003 |
| | (0.0039) | (0.0019) | (0.0039) | (0.0019) | (0.0020) | (0.0007) | (0.0021) | (0.0010) |
| nfa_gdp_lag | 0.0151 | 0.0018 | 0.0140 | 0.0065 | 0.0153 | 0.0036 | -0.0240 | -0.0029 |
| | (0.0236) | (0.0091) | (0.0236) | (0.0089) | (0.0168) | (0.0048) | (0.0186) | (0.0072) |
| rgdp_growth | -0.0029 | -0.0028* | -0.0030 | -0.0025 | 0.0003 | 0.0003 | 0.0035** | 0.0005 |
| | (0.0055) | (0.0016) | (0.0054) | (0.0016) | (0.0016) | (0.0004) | (0.0015) | (0.0006) |
| log_rel_opw | 0.2493*** | 0.0344** | 0.2325*** | 0.0317** | -0.0815* | -0.0225** | 0.0776 | 0.0113 |
| | (0.0518) | (0.0140) | (0.0487) | (0.0138) | (0.0481) | (0.0090) | (0.0685) | (0.0141) |
| kaopen | 0.0816*** | 0.0295*** | 0.0809*** | 0.0293*** | -0.0180 | -0.0102** | 0.0194 | 0.0399*** |
| | (0.0133) | (0.0070) | (0.0141) | (0.0069) | (0.0111) | (0.0043) | (0.0131) | (0.0067) |
| old_dep | | | -0.2019 | -0.3899 | -0.4549 | 0.0285 | 0.3319 | -1.6868*** |
| | | | (0.3445) | (0.2591) | (0.3210) | (0.1836) | (0.4811) | (0.2894) |
| youth_dep | | | -0.0591 | -0.0241 | 0.3804 | 0.0129 | -0.6153* | -0.2775*** |
| | | | (0.2340) | (0.0700) | (0.2396) | (0.0457) | (0.3640) | (0.0720) |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|
| N | 1116 | 2985 | 1116 | 2985 | 1116 | 2985 | 1128 | 3354 |
| R² | 0.0981 | 0.0182 | 0.0968 | 0.0162 | 0.1622 | 0.0236 | -0.0011 | 0.0879 |
| Countries | 34 | 109 | 34 | 109 | 34 | 109 | 35 | 113 |

*Standard errors in parentheses. Logit columns report marginal effects at means.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*